| We have audited the attached Balance Sheet of Sun Granite Export
Limited, as at 31st March, 2014 and also the Profit and Loss Account
and Cash Flow Statement for the year ended on that date annexed
thereto. We report as under:
A These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
B. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
C. As required by the Companies (Auditor's Report) order, 2003 issued
by the Central Government of India in terms of sub-sec (4A) of sec 227
of the Companies Act. 2013, we enclose in the Annexure a statement the
matters specified in paragraph 4 & 5 of the said order
D. Further to our comments as said above, we report that:
a) we have obtained all the information and explanations, which to the
best of knowledge and belief were necessary for the purposes of our
audit;
b) in our opinion, proper books of account as required by law, have
been kept by the Company so far as appears from our examination of
those books;
c) the Balance Sheet, the Profit and Loss Account and Cash Flow
statement dealt with by this report are in agreement with the books of
account;
d) in our opinion, Balance Sheet, the Profit and Loss Account and Cash
Flow statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of section 211 of the
Companies Act, 2013;
e) on the basis of written information's received from the Directors,
and taken on record by the Board of Directors, we report that none of
the directors is disqualified as on 31st March, 2014 from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 2013;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 2013, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i) In the case of the balance sheet, of the state of affairs of the
company as at 31st March 2014, and
i) In the case of the profit and loss account of the loss for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT (REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE)
a) Company has maintained proper records showing full particulars
including quantitative details and situations of fixed assets.
b) The Company has a regular program of physical verification of fixed
assets, which in our opinion is reasonable having regard to size of the
Company and the nature of its assets. No material discrepancies were
noticed on such physical verification.
c) In our opinion and according to the information and explanations,
the company has not disposed of substantial part of fixed assets during
the year and the going concern status of the Company is not affected.
2) a) As explained to us all stocks of finished goods, stores, spare
parts and raw materials have been physically verified by the management
at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedures of the physical verification of stocks
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c) The company has maintained proper records of inventories. As
explained to us the discrepancies between the physical stock and book
stock were not material and dealt with properly in the books of
account.
3) The Company has not granted or taken any loans, secured or unsecured
to / from companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 2013, except
unsecured loan from director's taken for settlement of IFCI dues
which was been repaid regularly with interest. As observed the
director's have taken loan from Axis bank and lent the same to the
company for purpose of repayment to IFCI. The repayment along with
interest payable to Axis bank/ India Bull Financial Services Limited
was being made by the company on behalf of Director.
4) In our opinion and according to the information given to us there is
adequate internal control procedure commensurate with the size of the
company and the nature of its business, for purchase of stores, raw
material components, plant and machinery, equipment and other similar
assets and for the sale of goods.
5) The company has not accepted any deposits from the public.
6) The Company is not required to maintain cost records under section
209(1 )(d) of the Companies Act' 2013.
a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education & Protection Fund,
Employees State Insurance, Income Tax and Sales Tax applicable to it
have not generally been regularly deposited with the appropriate
authorities.
b) According to the information and explanations given to us the
undisputed amounts payable as at 31st march' 2014 for a period of
more than six months from the date they became payable are given below.
Name of Status / Period to which Date of
Nature of Dues Amount (in Rs.) amount related Payment
Investor Education
and
Protection Fund 10230.00 2002-03
8534.00 2003-04
Income Tax 241173.00 A.Y. 2004-05
386645.00 A.Y 2005-06
93045.00 A.Y. 2007-08
T D S 47556.00 2004-05
232421.00 2005-06
345357.80 2006-07
Luxury Tax 13916.00 2005-06
c) According to the information and explanations given to us the
disputed amounts payable as at 31st march' 2014 for a period of more
than six months from the date they became payable are given below.
Name of the Forum where Period to
which Amt.(Rs.) Amount
Status Is dispute the
pending amount
relates paidonprotest
Income Tax Income Tax
Tribunal 1995-96 7,44,945.00 201722.00
Entry Tax Commissioner of
Sales Tax 2000-01 6,34,307.00 175000.00
7) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
8) In our opinion and according to the information and explanations
given to us, the company is not a chit fund or a nidhi/ mutual benefit
fund/ society. Therefore clause 4 (xiii) of the Companies (Auditor's
Report) order 2003 is not applicable to the company.
9) The company is not dealing or trading in shares, securities,
debentures and other investments.
a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education & Protection Fund,
Employees State Insurance, Income Tax and Sales Tax applicable to it
have not generally been regularly deposited with the appropriate
authorities.
b) According to the information and explanations given to us the
undisputed amounts payable as at 31st march' 2014 for a period of
more than six months from the date they became payable are given below.
Name of Status / Period to which Date of
Nature of Dues Amount (in Rs.) amount related Payment
Investor Education and
Protection Fund 10230.00 2002-03
8534.00 2003-04
Income Tax 241173.00 A.Y. 2004-05
386645.00 A Y 2005-06
93045.00 A.Y. 2007-08
T D S 47556.00 2004-05
232421.00 2005-06
345357.80 2006-07
Luxury Tax 13916.00 2005-06
c) According to the information and explanations given to us the
disputed amounts payable as at 31st march' 2014 for a period of more
than six months from the date they became payable are given below.
Name of the Forum where Period to
which Amt.(Rs.) Amount
Status Is dispute the
pending amount
relates paidonprotest
Income Tax Income Tax Tribunal 1995-96 7,44,945.00 201722.00
Entry Tax Commissioner of
Sales Tax 2000-01 6,34,307.00 175000.00
7) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
8) In our opinion and according to the information and explanations
given to us, the company is not a chit fund or a nidhi/ mutual benefit
fund/ society. Therefore clause 4 (xiii) of the Companies (Auditor's
Report) order 2003 is not applicable to the company.
9) The company is not dealing or trading in shares, securities,
debentures and other investments.
For Samanatary & Co.,
Chartered Accountant
CA C.S. Samanatary (FCA)
Chartered Accountant
Mem. No.-051265
Place: Bhubaneshwar
Date : 14.08.2014
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